The only charge is the management charge, provided people invest for at least five years. In other words, there is no policy fee, bid/offer spread or other entry charge.

The only ongoing charge will be the annual fund management charge of 1.5pc for all Eagle Star Matrix funds.

Anyone who starts a plan with a lump sum of at least ?7,500 will benefit from an annual management charge of 1pc. Protected Funds and the Threadneedle funds carry a higher annual fund management charge by 0.5pc.

People can start saving with these funds from as little as ?50 a month.

However, Liam Ferguson who runs the brokerage, warns that these savings plans are only suitable for people prepared to save for the medium to long term.

There are penalties for cashing in a plan in the first five years, ranging from 5pc in the first year to 1pc in the fifth year.

Mr Ferguson said consumers who take out the Eagle Star funds can switch from one to the other up to four times per year, for free. The low charges offer is available until May.